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"In the second quarter, we continued to successfully execute against our strategic clinical and corporate development plans. Perhaps most significantly, in May we announced the completion of enrollment in our BESTFIT trial, a potentially pivotal clinical study evaluating TNX-102 SL in patients with fibromyalgia. Meeting this milestone keeps us on track to announce top-line data in the fourth quarter of this year," said Seth Lederman, M.D., president and chief executive officer. "Also in the second quarter, the United States Food and Drug Administration (FDA) cleared our Investigational New Drug application for post-traumatic stress disorder (PTSD), allowing us to proceed with our planned Phase 2 study, the AtEase Trial, which will evaluate TNX-102 SL in patients suffering from PTSD. In addition, we appointed key additions to the senior management and core development team. We are well equipped to advance and expand our development programs."

Second Quarter Financial Results

For the three months ended June 30, 2014, Tonix reported a net loss of $6.0 million, or $0.61 per share, as compared to a net loss of $2.1 million, or $0.95 per share, for the second quarter of 2013. The increase in net loss is primarily due to an increase in research and development expense. At June 30, 2014, Tonix's cash totaled $43.9 million as compared to $8.2 million at December 31, 2013. This cash balance excludes approximately $7.2 million in net proceeds from the sale of shares of common stock in a registered direct offering that closed in July.

Senior Vice President of Commercial Planning and Development - Ronald R. Notvest, Ph.D.

Financial

Completed Registered Direct Offering of $7.8 Million

About Tonix Pharmaceuticals Holding Corp.

Tonix develops innovative prescription medicines for common disorders of the central nervous system that represent new treatment paradigms. Fibromyalgia, post-traumatic stress disorder, and episodic tension-type headache are characterized by inadequate treatment options, dissatisfaction among patients and physicians, and significant economic impact. Tonix is currently conducting the first potentially pivotal trial of TNX-102 SL in fibromyalgia, the BESTFIT trial (BEdtime Sublingual TNX-102 SL as Fibromyalgia Intervention Therapy). Tonix expects to begin a Phase 2 trial of TNX-102 SL in PTSD, the AtEase Trial, in the fourth quarter of 2014. Tonix designed TNX-102 SL to target non-restorative or disturbed sleep in a chronic bedtime treatment regimen as a means of decreasing pain and other symptoms in fibromyalgia and improving PTSD symptoms. Tonix's second clinical stage investigational new drug, TNX-201, is in development for episodic tension-type headache, and Tonix expects to begin clinical studies of TNX-201 in the first quarter of 2015. To learn more, please visit
www.tonixpharma.com .

Forward Looking Statements

Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as "anticipate," "believe," "forecast," "estimate" and "intend," among others. These forward-looking statements are based on Tonix's current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, substantial competition; our ability to continue as a going concern; our need for additional financing; uncertainties of patent protection and litigation; uncertainties of government or third party payer reimbursement; limited sales and marketing efforts and dependence upon third parties; and risks related to failure to obtain FDA clearances or approvals and noncompliance with FDA regulations. As with any pharmaceutical under development, there are significant risks in the development, regulatory approval and commercialization of new products. Tonix does not undertake an obligation to update or revise any forward-looking statement. Investors should read the risk factors set forth in the Annual Report on Form 10-K filed with the SEC on March 28, 2014 and future periodic reports filed with the Securities and Exchange Commission. All of the Company's forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date hereof.

TONIX PHARMACEUTICALS HOLDING CORP.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share data)

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

2014

2013

2014

2013

Costs and expenses:

Research and development

$4,075

944

7,625

1,685

General and administrative

1,974

1,142

3,593

2,402

Total operating expenses

6,049

2,086

11,218

4,087

Operating loss

(6,049)

(2,086)

(11,218)

(4,087)

Interest and other financing costs, net

5

--

10

--

Net loss

$(6,044)

(2,086)

(11,208)

(4,087)

Net loss per common share - basic and diluted

$(0.61)

(0.95)

(1.20)

(1.88)

Weighted average common shares outstanding - basic and diluted

9,923,184

2,186,537

9,324,020

2,172,921

TONIX PHARMACEUTICALS HOLDING CORP.

CONDENSED CONSOLIDATED BALANCE SHEET DATA

(in thousands)

(Unaudited)

June 30,

December 31,

2014

2013 (1)

Assets

Cash

$43,870

8,202

Prepaid expenses and other current assets

946

429

Total current assets

44,816

8,631

Other non-current assets

249

105

Total assets

$45,065

8,736

Liabilities and stockholders' equity

Total liabilities

$2,401

2,224

Stockholders' equity

42,664

6,512

Total liabilities and stockholders' equity

$45,065

8,736

(1)

The condensed consolidated balance sheet for the year ended December 31, 2013 has been derived from the audited financial statements but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

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